Ethereum Price Surges Past $2,600 as Whales Increase Activity and Wallets Reach Record High
Ethereum's price has broken out past $2,600 following recent data showing an increase in whale activity and a record number of non-empty Ethereum wallets. The surge in whale transactions does not necessarily indicate accumulation, as large transfers can represent both buying and selling.
The number of non-empty Ethereum wallets has climbed to over 207 million, indicating that ETH ownership is spreading even after months of relatively weak price action.
A substantial portion of Ethereum's circulating supply remains committed to the network rather than sitting idle. With entities such as Bitmine actively staking their substantial tokens, the number of ETH currently staked has grown to over 40 million.
The average transaction fee on the Ethereum network has fallen to under $0.1, down more than 85% from this year's peak in April at $0.72.